Kentucky Mortgage Lender

Which FICO Score Generation Do Mortgage Lenders Use? The best-known credit scores are going to fall under either the  FICO or VantageScore brands. There are multiple generations of each score brand, as every few years, the score developers create newer versions. So, for example, there’s a VantageScore 1.0, 2.0, 3.0, and 4.0. In most lending environments outside of mortgages, it’s hard to know which specific credit score a lender will use to evaluate your application. And, even if you knew your lender used a FICO Score or a VantageScore credit score, you still would not know which generation of the score it is using. For example, you may apply for an auto loan with one lender that checks your FICO Auto Score 8 based on your Experian credit report. Yet, if you apply for financing with a different auto lender, it may opt to check your VantageScore 3.0 score based on TransUnion data. The only way to know for sure is to ask the lender which credit report and which credit score version ...

  What goes into your Kentucky Mortgage FICO ®   Scores ? The FICO® Score is calculated using 5 categories of data: 35% Payment history: Whether you've paid past credit accounts on time. 30% Amounts owed: The amount of credit and loans you are using. 15% Length of credit history: How long you've had credit. 10% New credit: Your frequency of credit inquiries and new account openings. 10% Credit mix: The mix of your credit cards, retail accounts, installment loans and mortgages. Your FICO Scores are unique, just like you. They are calculated based on the categories described above, but for some people, the importance of these categories can be different. Joel Lobb   Mortgage Loan Officer American Mortgage Solutions, Inc. 10602 Timberwood Circle Louisville, KY 40223 Company NMLS ID #1364 Text/call: 502-905-3708 fax: 502-327-9119 email:   kentuckyloan@gmail.com http://www.mylouisvillekentuckymortgage.com/ NMLS 57916  | Company NMLS #1364/MB7...